More than half of Sacramento-area mortages are under water

The Sacramento Bee reports:

Santa Ana-based First American CoreLogic just minutes ago released a grim look at the mortgage crisis, reporting that
32.2 percent of all U.S. mortgages were tied to homes worth less than the amount of their loans.

In California, it says, 42 percent of mortgages are in that condition often referred to as "under water." The report says 2.9 million California mortgages are in a state of negative equity and 3.1 million more are nearing it as the housing crisis persists and the economy worsens.